Early Friday morning, June 25, 2010, the House-Senate Conference reached final agreement on financial regulatory reform legislation, otherwise known as the Dodd-Frank Act of 2010.  The Act, among other things, establishes a consumer financial protection entity, eliminates "too big to fail" bailouts, establishes a warning system to avoid systemic crises, and improves transparency and accountability for complex financial instruments as derivatives.  This sweeping change in the regulatory framework for financial institutions is expected to have sufficient support to become law, with both the House and the Senate planning to vote on the text of the legislation next week.  Once the bill passes Congress, President Obama is expected to sign the legislation into law before July 4th.

Read Senator Dodd's statement on the Wall Street Reform Conference